HOA Insurance Agency
HOA Insurance Agency is an Insurance agency based in Marlborough, Massachusetts.
What does an HOA master policy cover?
“The association's master policy generally covers shared buildings, common elements, association liability and other association exposures. How far property coverage extends into each unit depends on whether the form is bare walls, single entity or all-in, together with the governing documents and endorsements.”
View in the company profileWhat type of master policy does our association have?
“The common structures are bare walls, single entity and all-in, and each allocates unit property differently. The policy, endorsements and governing documents determine which structure applies and who is responsible for particular property after a loss.”
View in the company profileA pipe leaked into my unit. Does the association pay, or do I?
“It depends on the master-policy form, governing documents, applicable law, deductible-allocation provisions, endorsements and the facts of the loss. The association deductible alone does not determine whether a cost may be allocated to a unit owner.”
View in the company profileIf the association has a master policy, does an owner still need an HO-6?
“An HO-6 can cover belongings, personal liability, loss assessment and portions of the unit that the association's master policy does not cover. The appropriate coverage depends on the master-policy form and governing documents, and lender requirements vary by lender and loan type.”
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